Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 20-MAR-2023

EUR/GBP Daily Analysis

The intraday bias for EUR/GBP is currently neutral. If the resistance at 0.8842 is broken, it will suggest that the corrective decline from 0.8977, after touching the support at 0.8720, has ended. This would lead to a further rise above the resistance at 0.8924. However, if the support at 0.8720 is sustained, it will result in a deeper decline to 0.8545.

Looking at the bigger picture, the outlook is rather mixed at the moment, except that the price actions from the 2022 high of 0.9267 are part of a long-term range pattern from the 2020 high of 0.9499. As long as the support at 0.8720 holds, the rise from 0.8545 is likely to continue through 0.8977. However, if there is a firm break of the support at 0.8720, it will indicate that the rebound has ended, and a deeper fall through this support level is expected.

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